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HCM
Human Capital Management (HCM) Human capital management (HCM) is a set of practices related to people resource management. These practices are focused on the organizational need to provide specific competencies and are implemented in three categories: workforce acquisition, workforce management, and workforce optimization. In MonsoonSIM, Human Captial Management or Human Resource management is one of the core modules. MonsoonSIM supports multiple levels of complexity. Learners are encouraged to start with the basic module, called Baseline model, and slowly progress to more advanced functionalities. Here are what you will learn in the MonsoonSIM Human Capital Management (Baseline) : * Concept of employee competency * Concept of employee training * Concept of employee headcount (planned, actual, shortfall) * Concept of employee cost * Concept of recruitment * Concept of employee counseling * Concept of employee personnel records * Concept of employee transfer * Concept of employee resignation * Concept of employee issues * The concept of staff index, which composes of: ** staff headcount index ** staff competency index Here are some of what you will learn in the MonsoonSIM Finance (Advanced) : * Concept of personality assessment * Concept of Big Five (O.C.E.A.N) personality factors ** O - Openness *** This trait features characteristics such as imagination and insight, and those high in this trait also tend to have a broad range of interests. People who are high in this trait tend to be more adventurous and creative. People low in this trait are often much more traditional and may struggle with abstract thinking. *** People who are high on the openness continuum are typically: **** Very creative **** Open to trying new things **** Focused on tackling new challenges **** Happy to think about abstract concepts ** C - Conscientiousness *** Standard features of this dimension include high levels of thoughtfulness, with good impulse co,ntrol and goal-directed behaviors. Highly conscientiousness tends to be organized and mindful of details. *** Those who are high on the conscientiousness continuum also tend to: **** Spend time preparing **** Finish important tasks right away **** Pay attention to details **** Enjoy having a set schedule ** E - Extraversion *** Extraversion is characterized by excitability, sociability, talkativeness, assertiveness, and high amounts of emotional expressiveness. *** People who are high in extraversion are outgoing and tend : **** Enjoy being the center of attention **** Like to start conversations **** Enjoy meeting new people **** Have a wide social circle of friends and acquaintances **** Find it easy to make new friends **** Feel energized when they are around other people **** Say things before they think about them ** A - Agreeableness *** This personality dimension includes attributes such as trust, altruism, kindness, affection, and other prosocial behaviors. People who are high in agreeableness tend to be more cooperative while those low in this trait tend to be more competitive and even manipulative. *** People who are high in the trait of agreeableness tend to: **** Have a great deal of interest in other people **** Care about others **** Feel empathy and concern for other people **** Enjoy helping and contributing to the happiness of other people ** N - Neuroticism *** Neuroticism is a trait characterized by sadness, moodiness, and emotional instability. Individuals who are high in this trait tend to experience mood swings, anxiety, irritability, and sadness. Those low in this trait tend to be more stable and emotionally resilient. *** Individuals who are high in neuroticism tend to: **** Experience a lot of stress **** Worry about many different things **** Get upset easily **** Experience dramatic shifts in mood **** Feel anxious * Impact on OCEAN factors that affects employee issues * Impact on employee competencies on customer satisfaction Source: https://www.verywell.com/the-big-five-personality-dimensions-2795422 In MonsoonSIM, the Human Capital Management module is related to the following department (modules) * Finance (FIN) * Retail (RTL) * Marketing(MKT) * Forecasting (FCS) * Procurement (PMN) * Warehouse and Logistic (WHS) * B2B (B2B) * Production (PRD) * MRP (MRP) * Maintenance (MNT) * Service Management (SRV) Note: There is no pre-requisite to learning the MonsoonSIM Baseline concept Operating model of MonsoonSIM Human Capital Management module Baseline: * Starting version 6, headcount and all staff index will NOT impact and hence will NOT be calculated for the following departments: ** Finance ** MRP ** Forecast * HR is important to any business * HR is the concept of having the right employee working at the right place at the right time * The Right employee does not only refer to having the right competency, but also the right personalities * There is one major concept here in HR: ** Staff Index, which is a multiplication of *** Competency Index and *** Headcount Index * Staff Index = Headcount Index * Competency Index. ** For example, B2B has planned of 4 Staff all with 100% competency in B2B. Unfortunately, 1 has just resigned and only 3 staff remain. The Headcount index is now 3/4 = 0.75, and the Competency index is also 0.75. So the overall Staff Index for B2B = 0.75 * 0.75 = 0.56. ** Suppose B2B department just hired a new staff but with 0 competencies in B2B knowledge. Then, the Headcount index is now 4/4 = 1, but the Competency index remains at 0.75 (since the new hire has 0 competencies). So the overall Staff Index of B2B now = 1 * 0.75 = 0.75. * Staff Index affects the effectiveness of their work. Hence, it is important to keep our staff index at 100% at all times. * Department with inadequate staff Index will result in complaints from either vendor, customers or co-workers. * Employee Turnover Ratio = ( Total employees who resign or dismissed / Total number of staff over time ) ** For example: *** *** The Total active staff for 3 days is (6+6+4) = 14 *** The Accumulated Employee Turnover Ratio is now 2/14 = 0.143 * Complaints will result in negative consequences for the company: ** For Vendor, you will likely to pay a higher price for your next purchase ** For Client, you will likely to get less invitation for Bidding and Service RFQ ** For Co-worker, you will likely to get more stress, which may lead to issues and resignations * Handling of complaints will always be better than ignoring complaints * Because competency is a big part of the staff index, during recruitment, teams should pay attention to the competency profile of the candidate * Competency can be improved either through formal or informal training on the job * The staff has a basic standard salary cost, which will increase very slowly as the day progresses * Every day, new virtual staff will enter the job market * Staff may develop work issues and eventually resign if they are counseled. * Counseling will reduce the chance of a staff resigning, but this is not guaranteed. * Resigned staff will cause the Headcount index to drop. (see above) * Players can analyze the HCM performance and other useful intelligence by carefully examining the information from the Business Intelligence explorer Advanced: * Every department (position) needs staff with specific kind of personality, such requirement of the department is expressed in terms of the OCEAN factors, which can be visible to the teams. While staff competency can be improved via on the job training or third party training, human personalities are generally considered "fixed". * Teams can find out staff personality by performing a personality test * Personality mismatch between a Job and a Position can be very stressful * Knowing the personality of the staff, sometimes, it is better to transfer the employee to the department that matches the employee's personality * Under stress, a person with high Neuroticism score are more likely to develop work issue and eventually resign * Sometimes, it is better to "keep" employee than to hire new ones. However, in some cases, it is better to let certain employees resign to give way to new hires * Department with inadequate overall competency and headcount will result in complaints